SOLUTION: he demand curve for a certain product is given by p(q)=551-q^2. The supply curve is given by p(q)=1.1q^2. Find the consumer surplus at equilibrium. The consumer surplus at equil

Algebra ->  Surface-area -> SOLUTION: he demand curve for a certain product is given by p(q)=551-q^2. The supply curve is given by p(q)=1.1q^2. Find the consumer surplus at equilibrium. The consumer surplus at equil      Log On


   

Question 1150266: he demand curve for a certain product is given by p(q)=551-q^2. The supply curve is given by p(q)=1.1q^2. Find the consumer surplus at equilibrium.
The consumer surplus at equilibrium is$[]
Answer by MathLover1(20849) About Me  (Show Source):
You can put this solution on YOUR website!
demand curve for a certain product is given by
p%28q%29=551-q%5E2
The supply curve is given by
p%28q%29=1.1q%5E2
Find the consumer surplus at equilibrium.
The equilibrium point is where the supply and demand functions are equal.
551-q%5E2=1.1q%5E2......solve for q
551=1.1q%5E2%2Bq%5E2
551=2.1q%5E2
q%5E2=551%2F2.1
q%5E2=262.38
q=sqrt%28262.38%29
q=16.1981774
q=16.20

The consumer surplus at equilibrium is$16.20.